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NBA team sale to Russian tycoon Prokhorov approved

BBC Reviewed Jun 30, 2026 ✓ Reviewed by citations.press editors

Citation-ready fact

Mikhail Prokhorov's fortune is $13.4 billion (£8.9 billion) according to Forbes magazine.

13.4 bn USD · fortune8.9 bn GBP · fortune

Forbes magazine, publication

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The Nets lost 70 of their 82 games last season, including a record 18‑game losing streak.

70 games · losses18 games · record losing streak

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The Nets finished the season with a 12‑70 record, the worst in the NBA last season.

12 wins · season wins70 losses · season losses

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The transaction is estimated to be worth more than $200 million.

more than 200 million USD · deal value

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According to Forbes magazine, Mikhail Prokhorov's fortune stands at $13.4 billion (£8.9 billion).

13.4 bn · Mikhail Prokhorov's fortune8.9 bn · Mikhail Prokhorov's fortune

Forbes magazine, magazine

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Under the deal approved by the NBA, Mikhail Prokhorov would acquire 80% of the basketball club and 45% of the Nets' arena project in Brooklyn, with the agreement made last September.

80 % · ownership of basketball club45 % · ownership of Nets' arena project

NBA, organisation

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Mikhail Prokhorov promised fans "plenty to cheer about"

The US National Basketball Association (NBA) has approved the sale of the New Jersey Nets franchise to Russian billionaire Mikhail Prokhorov.

Mr Prokhorov, whose fortune, according to Forbes magazine, stands at $13.4bn (£8.9bn), becomes the first non-North American owner in the league.

The Nets lost 70 out of 82 games last season, including a record 18-game losing streak.

Mr Prokhorov told fans that he intended to give them "plenty to cheer about".

Under the deal agreed last September, Mr Prokhorov would acquire 80% of the basketball club and 45% of the Nets' arena project in Brooklyn.

The deal is thought to be worth more than $200m.

The 45-year-old Russian tycoon, who made his fortune in the metal business, also owns a stake in Russian basketball club CSKA.

"We anticipate that his passion for the game and business acumen will be of considerable value not only to the Nets franchise but to the entire NBA," said NBA commissioner David Stern.

The best basketball players from around the world play in NBA.

The Nets' 12-70 season result was the worst in the NBA league last season.

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